Amendment status not verified — confirm the current text below against the official source.
(1) Notwithstanding anything to the contrary ny law for the time being in force,— (a) no charge or mortgage created on auy land or interest therein, after the comm- encement of this Act, in favour of the Government or a Co-operative Society, shall have priority over a charge or mortgage on such land or interest crea ted by an agriculturist in favour of a bank as security for financial assistance given to the agriculturist by the bank after the commencement of this Act and prior to the charge or m ortgage in favour of the Government or the Co-operative Society ; and (b) any charge or mortgage created on any land or interest therein in favour of a bank in respect of financial assistance given to an agriculturist by that bank shall have priority over any oth er charge or mort gage that may have been created over such land or interest in favour of any person oth er than the Gov ernm ent, a co-operative society or any other bank, prior to the date on which the charge or mortgage was created in favour of the bank. (2) Where different charges or mortgages over the same land or interest there in have been created by an agriculturist in favour of the Govern ment, a co-operative society or a bank or more than one bank any such charge or mortgage created as security for financial assistance given by the Government, Co-operative S o c i e t y or the bank or banks by way of term laan for development purposes shall have priority over other charges or mortgages or mort gage created in favour of the Governm ent, co-operative society or any of the banks, provided prior notice of any such financial assistance by way of term loan for development purposes had been given to such Government, co-operative society or bank and such Goverment, co-operative society or bank has concurred in such financial assistance, and where more than one such charge or mortgage is as security for financial assistance given by way of e> THE ASSAM GAZETTE, EXTRAO RD INAR Y, MAY 2, 1977 305 term loan, the charges or mortgages by way of security for term loan for development purposes will rank for priority in accordance with the date of their creation. Exp lana tion :—For the purposes of this section, “term loan for development purpose” shall mean financial assistance which would generally lead to improvement on agriculture and or building up of assets in agriculture but shall not include financial assistance for meeting working cap ital expenses, seasonal agricultural operation and marketing of crops. (3) Nothing in this sec .ion shall apply to borrowings only from one or more co-operative societies including land mortgage bank. Re gistration